buddha bet TGI Fridays Philippines unaffected by bankruptcy filing in US

Updated:2024-11-05 03:17 Views:109

MANILA, Philippines — Casual American dining chain TGI Fridays Inc. in the United States has filed for Chapter 11 bankruptcy protection for 39 company-owned locations, but its operations in the Philippines remain unaffected.

Under the US Bankruptcy Code, a Chapter 11 filing approved by the court allows a business to reorganize and restructure its debts while continuing operations, enabling it to retain its assets and repay creditors over time.

TGI Fridays Philippines clarified that TGI Fridays Franchisor, LLC, which is a separate entity overseeing the restaurant’s international operations, including those in the Philippines, is not part of the 39 company-owned locations listed in the bankruptcy filing by TGI Fridays Inc.

The Bistro Group, a franchisee of TGI Fridays in the country, said that it “operates independently” and that the restaurants under its helm are “unaffected” by the restructuring process of TGI Fridays Inc. in the US.

“We are proud to announce that TGI Fridays Philippines is not only stable but thriving,” The Bistro Group president Jean Paul Manuud said in a statement.

He noted that the casual dining chain now has 30 locations nationwide, following the opening of five new branches in 2024. The franchisee plans to open an additional five branches in 2025.

“This growth reflects our commitment to providing exceptional dining experiences and the ‘Fridays Feeling™’ that our customers have come to love,” Manuud said.

Celebrating 30 years in the Philippines, TGI Fridays hopes to continue delivering “quality service” and ensure customer satisfaction.

“We continue to uphold the high standards that TGI Fridays is known for, and we are excited about the future as we expand our footprint in the Philippines,” Manuud said.

“We appreciate the ongoing support from our loyal customers and we look forward to welcoming everyone to our restaurants for many more memorable moments,” he added.

The bankruptcy filingbuddha bet, attributed to the COVID-19 pandemic and the company’s capital structure, will also not affect operations, as the 39 TGI Fridays restaurants in the US will remain open during the restructuring process.